5K Funds is a loan connection service that uses their online platform to connect borrowers with compatible loan providers. The online application takes about 5 minutes to complete with a response typically delivered back to the borrower within a couple of minutes.
Why 5K Funds?
5K Funds hosts a broad network of loan providers, saving borrowers time when searching for the right loan provider for them. The whole process is electronic, funds can be transferred into the borrower’s bank account as quickly as the next business day. Those who are not approved for funding through 5K Funds are provided with alternative funding solutions.
What You Need to Know About 5KFunds
- According to their site, 5K Funds loan-connection services are free-of-charge
- Loans average between an APR of 5.99%-35.99%
- Repayment terms range between 61 days-72 months
- Available loan amounts range from $1,000-$35,000
Is 5KFunds Legit?
Feedback from the Better Business Bureau lead us to believe that 5K Funds is not an entirely reliable, and loans taken through 5K Funds should be done with research and caution:
Consumers tell the BBB that company representatives instruct them to purchase a Vanilla Pre-Paid credit card (re-loadable) for varying amounts ($120 – $400+) and to provide 5K Loan with the pin numbers to pay the upfront fees. Consumers that make these payments as instructed are reporting to the BBB that they are not receiving the loans they applied for. Consumers also tell the BBB that when they contact 5K Loans to inquire about the status of their loan application, they are given excuses about the delay in receiving the money. Or, if they try to cancel the loan application and request a refund of the advance fees paid, they are denied by 5K Loan representatives. Most of the complaints being filed with the BBB against 5K Loans have gone unanswered.